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Calculate the amount of his theft loss deduction

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Problem - On January 3, 2018, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,500. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2018 is $45,000, calculate the amount of his theft loss deduction.

Reference no: EM132704337

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